FLASH: Gold approaching $700, Dollar now $2 to one GBP

Man, the dollar is getting more worthless even faster than I thought possible..

The pound hit the two US dollars mark for the first time since September 1992 today.

The prospect of higher interest rates in UK, following today's stronger than expected inflation figures, caused the spike.

Sterling, which has strengthened in the face of weaker growth expectations in the United States, was last at the two dollars level just before it was ejected from the European Exchange Rate Mechanism in 1992.

The dollar is currently trading at a 27-month low against the euro and is only marginally above the lowest point since the Eurozone came into being in 1999.